Solid third quarter result for Fonterra
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
Fonterra is closing a milk powder blending and packaging site in Hamilton, a move that will affect 120 jobs.
The co-operative says the closure of the Canpac site follows its decision to focus on higher value ingredients such as advanced proteins and medical nutrition.
The plant currently packs up to 4,000 metric ton of powders per year, less than 1% of the co-op's total product volume.
Fonterra's chief operating officer Anna Palairet says the co-op is committed to supporting the impacted employees.
The co-op is working through a consultation process, including exploring potential redeployment opportunities before operations are planned to come to an end on July 31.
Palairet says low product volumes and increasing complexities in production has created challenging economic conditions for the facility.
"It's been a tough day for all the team at the site. Making decisions like this is never easy.
"Our strategy is about creating end-to-end value and growing total returns for our farmer shareholders.
"We believe the best way to achieve this is to focus on our strengths and scale in ingredients and foodservice, and we are prioritising our investment on the parts of our operations that are better suited to this."
For the first time, all the big names in agricultural drone technology are being brought together under one marquee at the National Fieldays.
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
The Fieldays Innovation Awards competition has attracted a diverse and impressive array of innovations from across the primary industries, highlighting the growing importance of technology shaping the future of farming.
Coming to the fore following the carnage of Cyclone Gabrielle, Starlink became well known for providing internet access even in NZ's most inaccessible places.
From this winter farmers will have a greater choice of feed types and blend options than ever before, thanks to Farmlands' purchase of animal nutrition company SealesWinslow.
Newly appointed National Fieldays chief executive Richard Lindroos says his team is ready, excited and looking forward to delivering the four-day event next month.
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